I heard from a friend before that a few KOLs shill at the dinner table, posting tweets and memes, and encouraging friends to buy them. The price increased dozens of times that night. Of course, it was quickly sold off afterwards. It feels like the KOL-plus-Memecoin-plus-Binance model has replaced the previous cycle's coin-issuing factory model of VC-plus-VC-coin-plus-Binance. This is a new era of KOL revelry. The VCs, left behind by the times, are suffering. And Binance, on the other hand, is making money.

VCs are pumping money from the top down, while memes are pulling money from the bottom up. One is a small, cheap opportunity to buy chips, while the other is a public, on-chain opportunity. Clearly, the latter offers retail investors an opportunity to participate.